Apple is about to touch $4 trillion market valuation as the tech giant’s shares soared to lifetime highs on Monday. This lift came on the back of early sales of its new iPhone 17 series, which exceeded expectations in major markets.According to research firm Counterpoint, the latest iPhone 17 outsold the iPhone 16 series by 14% in the first ten days of availability in China and the United States, signalling strong consumer demand.
The rally pushed Apple shares up 4.2% to $262.9, lifting its market capitalisation to about $3.9 trillion and making it the world’s second most valuable company after AI-chip leader Nvidia, as per a Reuters report.Evercore ISI, which recently added Apple to its Tactical Outperform List, expects the company to surpass market forecasts for the current quarter and issue positive guidance for December. Analysts noted, “The recent launch of online orders in China may be a positive tailwind for the Dec-qtr, as initial delivery time data reflects stronger initial demand relative to other regions at launch.”Apple introduced its latest line of iPhones in September, including a slimmer iPhone Air, while keeping prices steady amid US tariff concerns.“They rolled out the latest version of their iPhone and it’s doing much better than anticipated … the demand trends for the company’s iPhones are now on the front foot,” said Art Hogan, chief market strategist at B Riley Wealth.Earlier this year, Apple shares faced pressure due to tough competition in China and uncertainty over high US tariffs affecting major manufacturing hubs like China and India. The stock began recovering in August after Apple pledged $100 billion in additional US investment, a move expected to help it sidestep potential tariffs, Reuters reported.If Monday’s gains hold, it would mark Apple’s biggest one-day rise in four weeks, taking its yearly gains to more than 5%. The company is scheduled to release its quarterly earnings after the bell on October 30.
